Charman to retire as CEO of Sompo International
John Charman has announced his retirement from Sompo International Holdings, after eight years with the company.
Charman will step down at the end of his current contract in April 2022. James Shea has been elected to succeed him as executive chairman of the board of directors and chief executive officer (CEO) of Sompo International Holdings, and of overseas insurance and reinsurance business at Sompo Holdings.
Shea will assume his new responsibilities from September 1, 2021, subject to regulatory approvals. He will report to Kengo Sakurada, group CEO of Sompo Holdings.
Shea has over 25 years of global insurance experience, and was previously CEO of commercial insurance at Zurich Insurance Group, and a member of its executive committee in Zurich. Before that he spent nearly 20 years at AIG in a variety of underwriting and leadership roles in New York, London, Paris, Tokyo and Singapore.
He will lead a segment that represents more than 30 percent of Sompo Holdings Group’s projected adjusted profit, employs approximately 6,600 people in over 29 countries and regions and earns more than $12 billion in gross premiums.
Charman said: “We have delivered on our promise of creating a truly formidable, integrated, global franchise that now has the scale, ratings, capital, talent and desire to compete and win in any market we choose to operate in.”
Charman said Sompo had accomplished what it set out to do following its acquisition of Endurance in 2017, making it the appropriate time to hand over control of the company when his current contract expires.
“I am both very happy and extremely confident that Jim will continue to lead with the values that Sompo International has become known for - standing behind the promises we make to our clients, business partners and employees,” he said.
Sakurada thanked Charman for his role in driving the success of the company. “Under his leadership, Sompo International transformed into a globally relevant, trusted partner to our brokers and clients and most importantly, a place where our employees are proud to work,” he said.
“We believe Jim has the experience, vision and confidence to build on John’s incredible record and take Sompo International to the next level,” he added. “We look forward to his contribution to the overall vision and success of Sompo Holdings in this particularly challenging global business environment and to his input on group-wide strategic decisions as a member of our global executive committee.”
Shea said: “Building on the extremely strong franchise, significant balance sheet and the ability to transact complex business of scale on a global basis is energising and I am looking forward to working with the talented and highly regarded executives and colleagues at both Sompo Group and Sompo International.”